Most African currencies seen stable, naira to weaken
NAIROBI, July 4 (Reuters) -The Kenyan, Ghanaian, Ugandan and Zambian currencies are forecast to be broadly steady against the dollar in the next week to Thursday, while Nigeria's naira is expected to weaken, traders said.
KENYA
Kenya's shilling KES= is expected to remain stable for the coming week as anti-government protests appear to be petering out.
Commercial banks quoted the shilling at 128.00/129.00 per dollar, compared with last Thursday's closing rate of 128.75/129.75.
Some prominent activists fear Tuesday's protests, which were marred by violence and looting, could discredit the originally peaceful demonstrations calling for the government to abandon tax hikes.
They cancelled plans for nationwide protests on Thursday while they contemplate their next move.
One trader said the decision to cancel Thursday's demonstrations had brought stability to the market.
NIGERIA
Nigeria's naira could fall, as the central bank seems to have paused its interventions to defend the currency.
The naira NGN=D1 was quoted at 1,507 to the dollar on the official market on Thursday, LSEG data showed, compared with around 1,505 a week earlier.
The currency was changing hands at 1,514 to the dollar in street trading NGNP=.
"For the past few weeks it was at 1,490 naira but this week it has been weakening," one trader said.
"The central bank had been stepping in once it trades around (the) 1,500 level, but they have not (intervened)."
GHANA
Ghana's cedi GHS= is expected to be little changed next week on the back of inflows from the International Monetary Fund (IMF) and strong central bank support.
The IMF's board last Friday approved a disbursement of $360 million after completing a second review of Ghana's lending programme.
LSEG data showed the cedi trading at 15.30 to the dollar on Thursday, compared with 15.28 at last Thursday's close.
"The cedi has been relatively stable in the past week with some improvement in dollar inflows. Demand, however, continues to outweigh the supply with the central bank seen supporting the market this week," Chris Nettey, head of trading at Stanbic Bank Ghana, said.
"We expect further support with increased volumes from the central bank to help maintain the stability of the cedi in the coming sessions," he added.
Sedem Dornoo, a senior trader at Absa Bank Ghana, also expected continued stability as the IMF's latest disbursement had lent support.
UGANDA
The Ugandan shilling UGX= is seen trading around its current levels over the coming days, partly helped by expected inflows from offshore investors for a Treasury auction.
On Thursday commercial banks quoted the shilling at 3,695/3,705 to the dollar, compared to last Thursday's close of 3,703/3,713.
"Some offshore interest might materialise, so those flows will yield support for the local unit," one trader said.
The central bank will auction next Wednesday a total of 990 billion Ugandan shillings ($267.93 million) of Treasury bonds of various maturities.
ZAMBIA
Zambia's kwacha ZMW= is forecast to hold steady.
On Thursday the currency of Africa's second-largest copper producer was quoted at 24.3 per dollar, stronger than 25.65 to the dollar a week ago.
"The local unit is expected to exhibit forms of stability in the short term," Access Bank said in a note.
Reporting by Hereward Holland, Chijioke Ohuocha, Christian Akorlie, Elias Biryabarema and Chris Mfula
Editing by Bhargav Acharya and Alexander Winning
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